Market overview
WHAT HAPPENED?
At the beginning of last week, we broke through the global sideways trend in the downward direction, the minimum for the decline was around $78,300.
On Sunday, March 2, US President Donald Trump officially announced the creation of a strategic reserve of cryptocurrencies, and also announced that the first summit on cryptocurrencies will be held on March 7 at the White House. All this provoked explosive growth, and the locally bearish scenario abruptly became irrelevant.
At the moment, we’ve broken through several sell zones formed during the decline of bitcoin during the week. After testing the $95,000-$96,700 zone (accumulated volumes), they went into correction.
WHAT WILL HAPPEN: OR NOT?
The key volume zone is $91,600-$88,900. If we consolidate above this zone and break the local maximum of $95,000, we’ll continue the upward movement. Otherwise, a return to lower levels is likely, and then it will take longer to recover.
The downtrend has been broken, and even with the most negative scenario and a decline to a local minimum, we expect the resumption of buys through the test of buyer zones.
Sell Zones:
$107,000–$109,000 (volume anomalies).
$97,500–$98,400 (aggressive pushing volumes).
$95,000–$96,700 (accumulated volumes).
Buy Zones:
$91,600–$88,900 (mirror volume zone, aggressive pushing volumes).
$85,000–$83,700 (volume anomalies).
$82,400–$79,600 (volume anomalies).
$77,000–$73,000 (volume anomalies, aggressive pushing volumes).
IMPORTANT DATES
Macroeconomic events worth keeping an eye on this week:
• Monday, March 3, 10:00 (UTC) — publication of the consumer price index in the Eurozone for February;
• Monday, March 3, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for February;
• Wednesday, March 5, 13:15 (UTC) — publication of changes in the number of people employed in the US non-agricultural sector for February from ADP;
• Wednesday, March 5, 14:45 (UTC) - publication of the business activity index (PMI) in the US services sector for February;
• Wednesday, March 5, 15:00 (UTC) — publication of the US non—manufacturing purchasing managers' Index for February from ISM;
• Thursday, March 6, 13:15 (UTC) - announcement of the deposit rate in the Eurozone for March, as well as interest rate decisions in the Eurozone;
• Thursday, March 6, 13:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Thursday, March 6, 13:45 (UTC) — press conference of the European Central Bank;
• Friday, March 7, 13:30 (UTC) — publication of the average hourly wage, unemployment rate and changes in the number of people employed in the US non-agricultural sector for February;
• Friday, March 7, 16:00 (UTC) — publication of the Fed's monetary policy report;
• Friday, March 7, 17:30 (UTC) — speech by Fed Chairman Jerome Powell. Also on this day, the first cryptosammit was announced at the White House.
*This post is not a financial recommendation. Make decisions based on your own experience.
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